Canadian junior AJN Resources will not proceed with its proposed acquisition of a 10% stake in the Kibali gold mine, in the Democratic Republic of Congo (DRC), the company announced on Sunday.
AJN on February 6 announced that it had reached a memorandum of understanding (MoU) with State-owned Sokimo to acquire several rights in the DRC, including a 10% interest in the Kibali gold mine.
Global majors Barrick and AngloGold each own 45% of Kibali and said that they would not approve the sale or transfer of Sokimo’s shares in the joint venture.